A special CBI court on Thursday sentenced a couple to stand till the rising of court,and pay a fine for their role in a 20-year-old tax evasion case. They had tried to cheat the government of Rs 27 lakh.
The case should be an eye opener to those who stash unaccounted money and make a futile effort to seek tax exemptions under the delusion that the law is unlikely to catch up. The case… is only the tip of the iceberg,as the same was detected on source information by CBI. Many such instances may be unchecked,and need to be appropriately probed, said Special CBI Judge Anoop Kumar Mendiratta. They were also fined Rs 1.5 lakh.
S P Goel and his wife Beena were facing charges of entering into a criminal conspiracy with officials of the Central Bank of India. According to the prosecution,they had deposited Indian currency in two fake accounts and subsequently procured certificates under the Remittance under the Foreign Exchange (Immunities) Scheme,1991 to falsely reflect that these were proceeds of foreign exchange for claiming Income Tax exemptions.
The court noted that they had attempted to convert black money into white.
The judge said a lenient sentence could not be given to the two accused as the failure to pay taxes was a serious offence.
The judge also said that it was up to the RBI to formulate guidelines to ensure that banks,entrusted to implement such schemes,monitored their working in earnest.